Embodiments of the invention are generally directed toward performing payment transactions and more specifically toward performing payment transaction involving a wireless device.
Commerce involving wireless devices, such as mobile phones, is quickly becoming a convenient and popular way to perform transactions. One advantage of using wireless devices is the ability to store large amounts of data and personal information. Another advantage is the ease and accessibility wireless devices provide. For example, wireless devices allow individuals to exchange funds without requiring the individuals to access a bank or other financial institution. Further, wireless devices replace the need for consumers to carry other payment tools, such as credit and/or debit cards. A disadvantage of using wireless devices in some commerce situations is the need for merchants to update existing devices or add entirely new devices to accommodate the operations of the wireless device. Another disadvantage is rolling out or introducing new wireless devices that support new payment methods. These issues often raise various problems for both merchants and consumers. For example, the costs required for merchants to acquire new hardware in order to provide the new payment method may be large and, therefore, may make it difficult for merchants to justify offering the new payment method. In addition, consumers may be unwilling to invest in a wireless device having the hardware necessary for the new payment method until they are comfortable that enough merchants offer or accept the new payment method. Likewise, merchants may be unwilling to invest in the hardware necessary for the new payment method until they are confident that consumer demand is high enough to justify the investment (e.g., that enough consumers own wireless devices with the appropriate hardware). This situation can result in a stalemate where neither consumers nor merchants are willing to invest in the required hardware first. There is a need to address these disadvantages to provide more efficient approaches that minimize the use of resources and the necessity for devices to be adapted for use in commerce transactions. There is also a need to improve interoperability of the technical means used in wireless device commerce transactions.
A further disadvantage is the current onus upon users owing to the considerable amount of data input that is required in commerce transactions. A more simplified approach would be desirable that minimizes user input, and that works in conjunction with an approach that address interoperability and adaptability issues. Another disadvantage still may be the ability to steal the information (personal or financial) stored on the wireless device. Since wireless devices continue to grow in popularity and since worldwide access to these devices continues to increase, the use of wireless devices in commerce will likely also increase. There is therefore a need to improved security of the devices in the commerce transactions.
There is a need to address the disadvantages described above and provide for improved methods of using wireless device in commerce.